Lan Foan: Further implement a package of debt reduction plans and do a good job in the replacement of local government stock of hidden debt

On October 31st, in the recently published "Suggestions of the Central Committee of the Communist Party of China on the Formulation of the 15th Five-Year Plan for National Economic and Social Development", Minister of Finance Lan Fo'an published a signed article entitled "Play the Role of Active Fiscal Policy". Lan Fo'an pointed out that during the "15th Five-Year Plan" period, a package of debt reduction plans will be further implemented, and the replacement of local government stock of hidden debt will be done well. Promote the establishment of a unified long-term supervision system for local government debt, seriously hold accountable for illegal debt borrowing, false debt and other behaviors, and prevent debt from being owed after clearing. Accelerate the reform and transformation of local financing platforms, and strictly prohibit the establishment of new or alienated financing platforms of all kinds. Optimize the debt structure and accelerate the construction of a long-term mechanism for government debt management that is compatible with high-quality development.